Traditionally, stock exchanges in the USA have absolute immunity when it performs regulatory functions. In the recent years, as many stock exchanges transferred to be companies both performing regulatory function and pursuing private gains, some of their actions can not be immune from liabilities. In the emerging market like China, financial innovation is very important to promote the development of the financial market. Therefore, this thesis suggests that limited immunity of the stock (futures) exchanges fort their actions in the process of financial innovation can protect the professionalism and enhance the financial innovation.
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